Mumbai (THE INDIAN EXPRESS), May 8, 2005:
Life will be easy for some and not so easy for the others after the Finance Minister P. Chidambaram made changes to his tax proposals last week.
Here are some that will affect your life * Women will now pay no tax till a threshold income level of Rs 1.35 lakh. Add the Rs 1 lakh deduction (after making investments worth Rs 1 lakh) and the exempt income climbs to Rs 2.35 lakh.
* Senior citizens will pay no tax till a threshold income of Rs 1.85 lakh. Thereafter, income between Rs 1.85 and 2.5 lakh will attract 20 per cent tax and beyond Rs 2.5 lakh would attract 30 per cent tax.
* The cash withdrawal tax on savings bank accounts has been dropped. This was the controversial budget proposal that upset so many people two months back.
* For an individual or a HUF, any amount over Rs 25,000 withdrawn in a day from a current account to be subjected to 0.1 per cent tax; for others this limit is Rs 1 lakh withdrawn during a day. However, now this tax is to be levied on withdrawals from all banks instead of only scheduled banks proposed earlier.
http://www.indianexpress.com © 2005: Indian Express Newspapers (Bombay) Ltd.
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